Your friend has asked you to produce financial statements for his business, Mates Incorporated, for the year 1 July 2015 to 30 June 2016. To make your job a little more difficult he has produced his adjusted trial balance in alphabetical order as he was unaware of the proper order.

Produce an Income Statement and Balance Sheet (either select from the Drop Down menu or enter an account or number in blank boxes).

Do not use any form of punctuation in numerical answers.

Account	Dr	Cr
Accounts Payable		6,000
Accounts Receivable	5,000
Accumulated Depreciation		3,000
Cash At Bank	8,000
Depreciation Expense	1,000
Insurance Expense	4,000
Notes Payable (Due June 2018)		7,000
Office Equipment	8,000
Office Supplies	2,000
Office Supplies Expense	1,000
Owners Capital		4,000
Prepaid Insurance	2,000
Salaries Expense	5,000
Service Revenue		10,000
Unearned Service Revenue		6,000
Total	36,000	36,000

Mates Incorporated
Income Statement
AnswerFor the Year Ended 30 June 2016As At 30 June 2016
AnswerRevenueCurrent AssetsOwners Capital
AnswerService RevenueCash At BankDepreciation ExpenseUnearned Service Revenue		Answer
Less: AnswerExpensesNon Current AssetsCOGS
AnswerDepreciation ExpenseEquipmentCash At Bank	Answer
AnswerInsurance ExpenseOffice SuppliesAccounts Receivable	Answer
AnswerOffice Supplies ExpenseUnearned Service RevenueDepreciation Expense	Answer
AnswerSalaries ExpenseOffice SuppliesPrepaid Insurance	Answer
AnswerTotal ExpensesTotal AssetsOwners Capital		Answer
Net Profit / Loss		Answer

Mates Incorporated
Balance Sheet
AnswerFor the Year Ended 30 June 2016As At 30 June 2016
AnswerCurrent AssetsCurrent LiabilitiesOwners Capital
AnswerCash At BankAccounts PayableUnearned Service Revenue	Answer
AnswerAccounts ReceivableAccumulated DepreciationCash At Bank	Answer
AnswerOffice SuppliesAccounts PayableUnearned Service Revenue	Answer
Prepaid Insurance	Answer
AnswerTotal Current AssetsOwners CapitalTotal Current Liabilities		Answer
AnswerNon Current AssetsCurrent LiabilitiesOwners Capital
Office Equipment	Answer
AnswerAccumulated DepreciationUnearned Service RevenueAccounts Payable	Answer
AnswerTotal Non Current AssetsOwners CapitalTotal Current Liabilities		Answer
AnswerTotal AssetsTotal Current Asset and Current LiabilitiesOwners Capital		Answer
AnswerCurrent LiabilitiesExpensesOwners Capital
AnswerAccounts PayableOffice Equipment	Answer
AnswerUnearned Service RevenueAccumulated Depreciation	Answer
AnswerTotal Current LiabilitiesTotal Non Current Assets		Answer
AnswerNon Current LiabilitiesCurrent LiabilitiesOwners Capital
AnswerNotes PayableAccounts PayableOffice Equipment		Answer
Total Non Current Liabilities		Answer
AnswerTotal LiabilitiesTotal Net AssetsOwners Equity		Answer
AnswerOwners EquityNet Profit
AnswerOwners CapitalOwners Drawings		Answer
Total Liabilities and Owners Equity		Answer